Income and Asset Protection

Wealth Protection

Australians insure their homes and cars with barely a second thought, but only a minority protect themselves and their loved ones should something happen to them.

In fact, we’re one of the most under-insured countries in the developed world with many families suffering financially if something happened to one of the breadwinners.

Based on current average levels of insurance1 the typical Australian family will lose half or more of their income following a serious illness, injury or the loss of one parent.

1. Lifewise/NATSEM (National Centre for Social and Economic Modelling), ‘Understanding the social and economic cost of underinsurance’, 2010.

There are four main types of insurance that can be used to provide financial protection for you and your family.

The table below summarises these types of insurance and some of the key personal protection needs they could meet.

Type of cover

What does it do?

Life

Life insurance can provide a lump sum payment in the event of your death. This money could be used to:

· Clear your debts

· Enable your family to meet their ongoing living expenses and maintain their lifestyle

TPD

TPD insurance can provide a lump sum payment if you suffer a total and permanent disability and are unable to work again. This money could be used to:

· Clear your debts, and

· Cover medical and rehabilitation expenses.

Income protection

Income Protection insurance can provide a monthly payment of up to 75% of your income if you are temporarily unable to work due to illness or injury. This money could be used to meet your ongoing living expenses and financial commitments while you recover.

Critical illness/trauma

Critical Illness insurance can pay a lump sum if you suffer or contract a critical condition specified in the policy (e.g. cancer, a heart attack or a stroke). This money could be used to:

· Cover medical and other expenses such as rehabilitation and living expenses

· Clear some or all of your debts.

Note:

While many people aren’t aware of this type of insurance, its importance cannot be over-emphasised. This is because Australian males and females between age 25 and 40 are, for example, three and five times respectively more likely to become critically ill than die.

How we can help

We only recommend quality, medically underwritten insurance that keeps pace with your cost of living. We meticulously compare insurance providers throughout Australia so you can choose the best cover that’s right for you.This means you can get on with enjoying life, because you no longer have to worry about what might happen tomorrow.